1. Background Readings to be Completed: Pages 27-37
2. Additional Practice and Review: You should have notes that allow you to answer these questions or you can complete Check your Understanding 1-5 Page 34 & 1-4 Page 37
3. Class Discussion:
Who/What determines the economic system that a country uses?
Two main classifications : 1.Democracy 2. Dictatorship
Discussion: Communism, Socialism, Democracy and Fascism – which is the best for economic stability and growth?
Discussion: Every political-economic system attempts to establish goals and a focus for resources – what are those goals? Who should determine them?
4. Does economics/international trade help or hinder human development?
- Discussion: Gunder Frank and David Ricardo
- Marxism/Dependency/modernization debate
- Discussion: the North Atlantic Slave Trade Triangle and the Luddites
6. The Basic Economic Goals for Government:
Reduced Public Debt
Increased Productivity and Efficiency
Equitable Distribution of Income
Viable Balance of Payments and a Stable Currency
Groups of 4
Select one of the following Economic Thinkers:
- Adam Smith
- Thomas Malthus
- David Ricardo
- Karl Marx
- John Maynard Keynes
- John Kenneth Galbraith
- Milton Friedman
- Paul Krugman
Prepare a brief outline of:
- The Times
- Ideas that Changed Economic Thought
Once you have completed your economist find other class members to complete your chart and share the information you have compiled.
All students need a complete a chart for each of the above:
Tangible vs. Intangible Resources
The Environment for firms and individuals- economic systems
The 3 basic questions for any economy
The decision making framework:
- by tradition
- by command
- by market forces
Additional Practice and Review (30 min)
1.Read Pages 27-28
2.Read skill builder : Page 29 look at Questions 1-4
3. Come up with another example of adding value through additional processing or refinement of a product
Review Normative and Positive Economics – activity
What you should be able to describe when we are done:
The Fallacy of Composition, The Post Hoc Fallacy, The Fallacy of Single Causation
Economic Laws and The Production Possibilities Curve
The Law of Increasing Relative Cost, The Law of Diminishing Returns, The Law of Increasing Returns to Scale
In Class Activity: Page 24 Communication Exercise 6 – in groups of three identify the fallacy in each scenario
Additional Practice and Review:
Read Pages 14-15
Complete Note Taking Worksheet
Essay Assignment – New Due Date – Friday Feb.15th
Unit Test – Wednesday February 19th
Economics is about how individuals, governments, and business make choices. It involves an understanding of various economic concepts, models, and theories as well as an exploration of economic trends, policies, and practices. Through economic inquiry, you will develop your understanding of a range of economic issues, the interests and influence of different stakeholders, and the factors that influence the economic decisions of individuals and institutions.
I look forward to teaching and learning with you,
Good luck and have fun!
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